{"id":24919,"date":"2017-08-27T17:46:42","date_gmt":"2017-08-27T22:46:42","guid":{"rendered":"http:\/\/olduvai.ca\/?p=24919"},"modified":"2017-08-27T17:46:59","modified_gmt":"2017-08-27T22:46:59","slug":"gasoline-spikes-to-7-month-highs-after-harvey-heating-oil-crude-jump","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=24919","title":{"rendered":"Gasoline Spikes To 7-Month Highs After Harvey; Heating Oil, Crude Jump"},"content":{"rendered":"

Gasoline Spikes To 7-Month Highs After Harvey; Heating Oil, Crude Jump<\/a><\/h3>\n
<\/section>\n
\n
The entire energy futures complex is notably higher at the open with RBOB Gasoline spiking over 4% to its highest since January <\/strong>amid the carnage of Hurricane Harvey.<\/div>\n
\n

\"\"<\/a><\/p>\n

Bloomberg reports that as a result of Harvey, which was the strongest storm to hit the U.S. since 2004<\/strong>, some 2.26MM b\/d of crude, condensate refining capacity in Texas remain shut while nearly 300,000 Texas customers are without power as of 12:30pm CDT. Major terminals and pipelines that move crude and fuel into and out of Houston-area refineries were also shut, potentially stranding some crude in West Texas and starving New York Harbor of gasoline.<\/p>\n

\n

\u201cGasoline prices are going to continue to rise this week as we expect another three days of rain in the Houston area,\u201d\u00a0<\/strong>Andy Lipow, president of consultant Lipow Oil Associates LLC in Houston, said by telephone.<\/p>\n

“With pipeline operators beginning to shut down their crude oil and refined product infrastructure, I expect to see further curtailment of refinery operations, resulting in less product being available. A spike in gasoline and diesel prices will drag up crude oil prices.\u201d<\/strong><\/p>\n<\/blockquote>\n

\u00a0WTI is also higher as ~378.6k b\/d of oil output from Gulf of Mexico is shut,<\/strong> pushing RBOB Gasoline and WTI higher.<\/div>\n

<\/a><\/p>\n

\n
Sept RBOB is exploding:<\/div>\n<\/div>\n
\n
\n
\"\"<\/a><\/div>\n<\/div>\n<\/div>\n
\n
\n
\n
And Oct RBOB at its highest since Jan 2017:<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\"\"<\/a><\/p>\n

The Oct. Nymex RBOB-WTI crack spread has spiked to $19.94:<\/p>\n

<\/a><\/p>\n

NatGas and Heating Oil are also up:<\/p>\n

\n
\n
\"\"<\/a><\/div>\n<\/div>\n<\/div>\n

And just in case it wasn’t obvious, prices will likely rise \u201cjust because of worries, but the real impact might not be clear for a couple of days<\/strong>,\u201d Michael Lynch, president of Strategic Energy & Economic Research told Bloomberg.<\/p>\n

For now, the RBOB curve implies the system will be affected for at least 3 months…<\/p>\n

\"\"<\/a><\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Gasoline Spikes To 7-Month Highs After Harvey; Heating Oil, Crude Jump The entire energy futures complex is notably higher at the open with RBOB Gasoline spiking over 4% to its highest since January amid the carnage of Hurricane Harvey. Bloomberg reports that as a result of Harvey, which was the strongest storm to hit the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[3378,15724,588,895,4318],"class_list":["post-24919","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-gasoline","tag-hurricane-harvey","tag-oil","tag-wti","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24919"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24919\/revisions"}],"predecessor-version":[{"id":24921,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24919\/revisions\/24921"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}